The Art Works needs to raise $6.2 million for a new facility. Assuming they issue new equity shares via a general cash offering, they expect to incur administrative costs of $412,000 in addition to the underwriting spread of 7.8 percent. If the offer price turns out to be $16 a share, how many shares need to be sold to finance the new facility?

487,923 shares

448,210 shares

406,211 shares

454,743 shares

405,141 shares